The Two Scariest Charts From Today's NFP Report, Or The Real "New Part-Time Normal"

Back in February Zero Hedge was first to point out that while jobs may be growing (modestly) and the unemployment rate declining (rapidly, on the back of all those leaving the labor force), it was the quality of jobs that was troubling. Indeed, as today's NFP report once again showed, the average hourly earnings barely budged at $23.38 from $23.37 last month, and in fact declined on an inflation-adjusted basis. Why? Because as we predicted both in February (and in 2010) the US is increasingly becoming a population of part-time workers, as full time jobs disappear for good, and are offshored abroad at best. April confirmed everything we had been warning about: in the month, full time jobs dropped to 114,478,000 from 115,290,000 an epic drop of 812,000 in full time jobs which was the biggest since... March 2009! The offset? Why a surge in part-time jobs of course, which increased by 508,000 in the month of April. So while seasonally adjusted, birth/death recasted jobs may have increased by 115,000, the real quality jobs, imploded, which unfortunately is merely a part of a longer-term secular trend as part of the new part-time normal.

saw a figure somewhere this morning that the minimum wage would be about $20/hr if it had kept up with productivity and inflation over the last 20 years. mcdonald's wouldn't be that bad for that kind of cabbage...

"kept up with productivity" , Ha now therein lies the truth and the only promise kept. That being the computers, electronics, advanced machinery will increase productivity so YOU won't have to WORK so hard ro as long. Remember that promise in the 1960' and 1970's that you would only have to work a half a day and make as much. It is true, you have a nice part time job, and you are making as much as you did in the 1970's.

And, who financed all this wonderful productivity? Why none other than US...401k, Ira, pension funds, on and on. We financed our own demise. The one promise that was not kept, but made over the last 40 years, is that your standard of living would always be better because of all this wonderful productivity.

God bless Globaism. That is what we were sold and bought, and all those protesters who screamed that it would destroy jobs...what did we do with them...why we put them in jail.

The sheep keep buying fancy word speak that they don't want to understand, and worse still...will not question.

The perversion of the economy came through the central banksters and and the financial industry their destruction of true money, in lockstep with their capture of the government through campaign donations and the free flowing money from their lobbyists.

You're wondering who I am (Secret secret, I've got a secret)Machine or mannequin (Secret secret, I've got a secret)With parts made in Japan (Secret secret, I've got a secret)I am the modern man

I've got a secret I've been hiding under my skinMy heart is human, my blood is boiling, my brain IBMSo if you see me acting strangely, don't be surprisedI'm just a man who needed someone and somewhere to hideTo keep me alive, just keep me aliveSomewhere to hide to keep me alive

........

The problem's plain to seeToo much technologyMachines to save our livesMachines de-humanize

Does it mean that the lower the taxes , the lower the official employment participation rate? I guess all the entrepreneurs are too busy using all the taxes they saved running up prices of assets rather than creating jobs .

Here is an idea: tax unearned income at 60% and reduce all the payroll taxes to zero for income earners who make less than $40k.

That would mean that the average employee makes $47k. How about 27K, which is about $12/hr. I wonder where people like YOU get your facts from? The median household income is less than $50k. That's right, US is on the verge of becoming a third world country.

This means that after paying their mortgage, utilities, car payments and all sorts of fees, interest expense and taxes that a typical household is subject to, the average household should probably receive FOOD STAMPS.

$1.25/hr is what Foxconn employees (maker of nearly all AAPL products) make. In the US we make 25 times that wage. So there can be no permanent job creation (ex Govt, medical, etc) until these wage rate merge. Also regulation and threat of being sued has to equalize. With the elite and pamper/protected union members against real change, deficits and lies is the only path forward.

Which we can do once we get rid of all social services and support, and we trim the defense budget dramatically to around the percentage of the Chinese. We can say goodbye to all environmental, health, and safety protections, too. Will you have melamine with that carton of milk?

I guess you are ready to simply surrender all of the remaining hopes and dreams of America's middle class and allow the Fascists to win.

How about this? We just take all the proffit away from outsourcing and off-shoring? If you want to call it protectionism, be my guest, but I call for fair trade - NOT free trade. I lock my doors at night, I keep my fence closed, and my garage door shut....so I guess I just might be a 'protectionist".

Taking all profit from outsourcing and overseas should really make those companies want to remain a US company (lol). Besides, what about all the foreign companies in the US? It's not as if we were in a unique situation. The problem with "surrendering the hopes and dreams of the middle class" is - if we don't cut social spending, defense, the massive outlay for environmental concerns (2% of GDP) and the growing welfare system (food stamps,subsidies, innumerable payments) then there will be nothing. As folks have warned for years, we can have it all now (our position thus far) or take a steep cut and retain it for years. But we can't continue on the same path.

Well, that's all fine and dandy, but we need to get real and elect some politicians that will man-up.

Our economy is the economic driver of the world....period. We are almost 14 times bigger than China. Want to sell your goods here? Well, let me tell you the new rules. There will be off-set tariffs for countries who have slave labor, and no environmental protections....dramatically reducing the incentive to shutter American factories. Don't want to be an American company anymore? Fine by me. Don't let the door hit you in the ass as you exit.....but don't expect to have the same level playing field as the American companies you now must compete with when your goods arrive at the border.

Foreign companies in the U.S. are here because it makes sense for them to be here. Why would that change? Yes, there are some foreign companies who actually export from American facilities, but it is a very small percentage. The vast majority of what they make is for domestic consumption. Equalizing tariffs (fair trade) would provide even greater incentive for more to build here and create additional jobs.

For the America of our fathers to survive, there must be a middle class, and that means JOBS, JOBS, JOBS. Whatever it takes to reverse the percentages of manufacturing jobs over FIRE jobs, we simple must do. I mean really - which has more real value to society, a skilled machinest or bank officer?

If our leaders can't, or won't protect our jobs, we must get new leaders. If that means a Populist uprising, then so be it if it can protect us from becoming a totally Fascist state.

This country has gone soft in both body and mind, having been fed mental pablum far too long. Free trade, corporations are people, let's privatize everything, taxes are evil (but borrowing against our childrens future is fine), endles and optional wars on foreign countries, drugs, crime, etc...oh, and the jails are priviatized now, too -- growth industry! Throw in a bloated defense/security industry that spends more than every other country on earth combined. What a bunch of brain dead chickenshits we have become.

Thanks. I needed that....now, back to work. This has been an interesting day, but not productive enough!

Part time jobs are actually a good thing. It's the kind of job I've been looking for. I don't know about you guys but I need time to persue my hobbies and what not. I demand leisure time, and if my potential employerer doesn't agree, that's tough shit.

from latch-key kids to the new 'pup-tent stoop orphans' -- lost in the ghetto's with only an iPhone -- fixed at speed dial -- a predisposed destiny of hope and change -- whilst, only to brandish a tin cup of empathy to the myriad passers-by, casting but a silhouette shadow at high-noon?

These numbers are seasonally adjusted. Not adjusted, the number of jobs stayed mostly flat. For the previous month, the adjustment had been downwards, so in the last two month no jobs were created on an adjusted basis but 1.4million on a non-adjusted basis.